REFILE-Former Kit Digital CEO offers to take company private
Nov 23 (Reuters) - Kit Digital's former chief executive said he would be willing to lead a private equity-backed buyout of the video technology provider, two days after the company reported accounting irregularities.
Ex-CEO Kaleil Isaza Tuzman, who left Kit Digital earlier this year in a major management shakeup, said he would be willing to lead a bidding group that would offer to buy the company at $3.75 per share in cash.
The company disclosed accounting irregularities on Wednesday, for which it blamed the prior management, and said it would restate results for the last three years.
Kit Digital shares, which fell 66 percent to 70 cents after market close on Wednesday, rose to $1.01 before the bell on Friday on the announcement.
Kit Digital has been considering strategic alternatives, including a sale for several months.
- Tesla says in talks with BMW over car batteries, parts
- Exclusive: China ready to cut rates again on fears of deflation - sources
- Actor Dwight Henry eyed in New Orleans killing after arrest for theft
- China building South China Sea island big enough for airstrip: report
- Suicide bomber kills 45 at volleyball match in Afghanistan
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video